Hi Chris:
From SSB report ~july 8,1999
PREVIEW We expect Uniphase to modestly exceed our $0.40 estimate for its fourth
fiscal quarter and its last reported one as a stand-alone company. The company plans to
report on July 26. Given the strength in Uniphase's markets during the quarter, internal
revenue growth should be at least the 53% we are forecasting. OEMs are reporting
2x-3x sonet line-card growth, an indicator for most of Uniphase's businesses, in our
view. Our revenue forecast is for a 15% sequential growth to $85.6 million, 64% year
over year, or roughly 53% excluding the Philips acquisition. This should translate into
$0.40 a share versus $0.29 last year, up 39% on 11% more shares. Although the deal
closed after quarter end, we expect the company to refer to its pro forma earnings this
quarter, as well as offer details about JDS's results. Combined, we expect JDS
Uniphase to grow the top line at least 60% this quarter, excluding the Philips acquisition,
and just under 66% in FY2000. We believe that the $0.40 we are forecasting for
Uniphase will be more like $0.42 pro forma, up 66%, and that both the actual and
proforma estimates will be exceeded. The proforma estimates for the combined
company (published below) indicate about 12% accretion from the merger for FY2000.
For FY1999, we estimate the deal is 5% accretive.
From tonights post by you
JDS Uniphase Corporation also announced that estimated pro forma results
combining those of JDS FITEL for the quarter ended May 31, 1999 and Uniphase
Corporation for the quarter ended June 30, 1999, both periods ending prior to the
merger which became effective June 30, 1999. These estimated pro forma
combined results of JDS Uniphase Corporation included sales of $188 to $190
million and earnings of $0.45 to $0.46 per share on a diluted basis, after excluding
the in-process research and development charges, intangibles amortization and
restructuring charges totaling approximately $181 million as described above. The
foregoing loss per share and earnings per share amounts do not reflect the
previously announced one for one common stock dividend to be effective on July
23, 1999.
Looks like we beat the street estimate of (40 cents) by 5-6 cents :-)
Is that your take?
Regards
Glenn |
